Markets are likely to see a positive start following robust global cues but all eyes will be on the Infosys March quarter numbers which is expected today.
Early indicator SGX Nifty was up 18 points at 6,803.
Experts say the Nifty could find support at 6,740, while the resistance could be at 6,820. “Upside acceleration is likely once the Nifty crosses the 6,820 resistance,” said a note by HDFC Securities.
Asian shares edged higher in early trade on Tuesday after upbeat U.S. data helped Wall Street bounce from a sharp selloff in recent days.
Investors were cautious, however, as tensions in Ukraine tempered demand for riskier assets.
The MSCI’s broadest index of Asia-Pacific shares outside Japan just 0.2% up, edging back towards an 11-month high of 486.70 hit last week.
Japan’s Nikkei rose 0.8% after skidding to a six-month low on Monday.
Overnight, U.S. stocks closed higher on Monday as Citigroup’s earnings and strong retail sales gave investors reasons to buy equities despite a resurgence of geopolitical uncertainties.
Geopolitical concerns returned to the forefront after pro-Russian separatists ignored an ultimatum to leave occupied government buildings in eastern Ukraine as a threatened military offensive by government forces failed to materialize. Rebels in the town of Slaviansk issued a bold call for Russian President Vladimir Putin to help them.
The Dow Jones industrial average shot up 0.91%, to end at 16,173. The Standard & Poor’s 500 Index gained 0.82%, to finish at 1,831. The Nasdaq Composite Index advanced 0.57%, to close at 4,023.
Stocks to Watch
IT stocks: Will be under spotlight as the four IT giants declare their fourth-quarter earnings this week starting with Infosys today.
United Spirits: Diageo likely to hike its stake in United Spirits and try to take its stake over 51%
Ranbaxy: May have to pay a hefty penalty to the US authorities for alleged violations at its Toansa factory in Punjab.
Tata Steel: Fitch Ratings has revised its outlook on Tata Steel and its European subsidiary from negative to stable on expectations of improvement in the company’s financial profile in the near-to-medium term.
CMC: A subsidiary of TCS, reported a consolidated net profit of Rs 89.43 crore for the quarter ended March, up 45 per cent compared to the year-ago period, primarily due to an increase in revenue and higher other income.